Meena deposited₹250per month in a bank for one year under the recurring deposit scheme.what will be the maturity value of her deposit, if the rate of interest is 8% per annum?
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Step-by-step explanation:
Given : 1. Meena Deposited 250 rupees per month For 1 year
2. Rate of interest =8%
To find : what will be the Amount she will get after Maturity. ?
solution :
Principle = 250× 12 = 3000
Therefore P = 3000
Time = 1 year
Rate of Interest = 8%
= P ×T × R = 3000 × 1 × 8
100 100
= 3000 × 8 %
100
Interest = 240
Amount = principle ➕ Interest
A = 3000 ➕240
Amount = 3240 rupess
[ Therefore Meena will get Rupees 3240 in her Maturity value ]
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